That was headline news on the website of the California Charter Schools Association, the wealthiest and most powerful charter lobby in the United States. Is this bill banning for-profit charters a true cause for celebration, or is it a carefully crafted bill that in the end will have little effect?

Assembly Bill 406, no matter how well intended, will not shut down California’s for-profit schools anytime soon. In some ways, it may make matters worse by obscuring the reality of what many charter schools are — schools run by private corporations that receive public funding with insufficient oversight and supervision. And whether they are for-profit or nonprofit, there will still be ample opportunity in the charter sector for profiteers to take advantage of the public treasure and trust.